Chart Idea- Ujjivan Financial Services
After a long consolidation on the weekly chart, the stock has given an upside breakout with good volume spurt.
As we have seen on the above chart that stock has re-test its 50 percent Fibonacci levels from the lower levels and breaks above it on the weekly chart. According to the moving average of (9 & 26) which is already indicating a positive crossover in it.
Indicators like RSI which is currently above 50 which clearly shows a bullishness will continue in the stock while MACD has also given a positive crossover with a supportive volume.
Traders can buy Ujjivan Financial above 271 levels. If stocks breaks and closes above 271 then we will see an upside move till 300—305 +++ levels in the coming days.
Support and stop loss below 248 levels on a closing basis.
Due to new trading and margin rule of SEBI we have seen a lot of volatility in the market. Also simultaneously, we have seen border tension between India and China that also created havoc in the market. Which resulted into profit booking and panic selling in the market.
Those who are holding can kindly exit from the stock and wait for our other Chart Idea for handsome profits.